Baird and Hilliard Lyons, two established regional firms, to merge

Baird and Hilliard Lyons, two established regional firms, to merge
Combined, the new firm will have 1,270 advisers and $260 billion in assets.
NOV 27, 2018

In a merger of two established regional brokerage firms, Baird late Tuesday said it agreed to acquire Hilliard Lyons. Combined, the two will have 1,270 financial advisers. The terms of the deal, which is subject to the approval of regulators, were not disclosed. Opened in 1919, Baird is an employee-owned, wealth management firm with 890 financial advisers and $211 billion in client assets. Based in Milwaukee, Baird's principal business in the U.S. is Robert W. Baird & Co. Inc., the broker-dealer. Established in 1854 in Louisville, Ky., Hilliard Lyons' brokerage is J.J.B. Hilliard, W.L. Lyons, with 380 financial advisers and more than $50 billion in client assets. Brokerage firms have been merging and consolidating at a steady pace ever since the credit crisis. The cost of doing business has increased due to technology spending and increased regulations, and commissions have steadily decreased due to competition and consumer demand for lower prices. Baird's private wealth management group also has been steadily recruiting financial advisers from competitors, including wirehouses, recently. The senior management of Hilliard Lyons, including its chairman and CEO Jim Allen, will continue in their roles and work with Baird's private wealth management leadership team, the two firms said in a press release. "Hilliard Lyons has an excellent reputation and many other similarities to Baird including a strong, client-centric culture and business model, a commitment to being a great place to work, and a long history of giving back to the community," said Steve Booth, president and CEO of Baird.

Latest News

Maryland bars advisor over charging excessive fees to clients
Maryland bars advisor over charging excessive fees to clients

Blue Anchor Capital Management and Pickett also purchased “highly aggressive and volatile” securities, according to the order.

Wave of SEC appointments signals regulatory shift with implications for financial advisors
Wave of SEC appointments signals regulatory shift with implications for financial advisors

Reshuffle provides strong indication of where the regulator's priorities now lie.

US insurers want to take a larger slice of the retirement market through the RIA channel
US insurers want to take a larger slice of the retirement market through the RIA channel

Goldman Sachs Asset Management report reveals sharpened focus on annuities.

Why DA Davidson's wealth vice chairman still follows his dad's investment advice
Why DA Davidson's wealth vice chairman still follows his dad's investment advice

Ahead of Father's Day, InvestmentNews speaks with Andrew Crowell.

401(k) participants seek advice, but few turn to financial advisors
401(k) participants seek advice, but few turn to financial advisors

Cerulli research finds nearly two-thirds of active retirement plan participants are unadvised, opening a potential engagement opportunity.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today’s choppy market waters, says Myles Lambert, Brighthouse Financial.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave